WHETHER ASSESSEE TO APPROACH REGISTRAR FOR MODIFICATION IN SALE DEED TO AVOID PENALTY U/S 271D?
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Short note of today's case law for quick reference:
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[2024] 110 ITR (Trib) (S.N.) 31 (Chen)
[BEFORE THE INCOME-TAX APPELLATE TRIBUNAL — CHENNAI "A" BENCH]
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NAMMALVAR LINGUSAMY
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ADDITIONAL COMMISSIONER OF INCOME-TAX
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1.??? Receipt of consideration for sale of immovable property in cash.
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2.??? Registered document duly signed by vendor and purchaser, clearly showing receipt in cash of Rs.1.6 cr.
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3.??? Contention that the consideration clause of the deed of sale wrongly entered while in reality it was an adjustment of an existing debt through a journal entry.
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4.??? Not tenable in absence of material evidence by assessee.
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5.??? If assessee has a claim that wrong entry made in document assessee should have approached appellate authority of revenue department for any modification.
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6. Penalty rightly levied.